Did You Buy Something Big in 2010? Sales Tax Deduction Possible

Tax Tip: Sales Tax Deduction is Back on Schedule A

Did you buy something big in 2010? In 2010, your CPA probably told you the sales tax deduction went away on December 31, 2009. But, the tax act passed at the end of 2010 brought it back. If you bought a car, boat, RV, airplane, sound system for the man-cave, or took extra advantage of the holiday sales, save up the receipts and ask your accountant about getting an extra deduction.

Or, use the IRS’ Sales Tax Deduction Calculator at: http://www.irs.gov/individuals/article/0,,id=152421,00.html.

Holly Donaldson

Holly Donaldson, CFP® runs an hourly and fee-for-service financial planning practice virtually from her Tampa Bay, Florida office. She also works with clients throughout the U.S. (except Texas) interested in retirement and tax planning advice without product sales or investment management. Holly is the author of The Mindful Money Mentality: How to Find Balance in Your Financial Future (Porchview Publishing, 2013) and publisher of the award-winning monthly e-letter, "The View From the Porch."

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